Japanese investment bank Nomura, which is represented by Freshfields Bruckhaus, and Western Power Distribution, which is rep- resented by Allen & Overy, have been battling for control of Hyder for over three months.

The utility company is represented by long-term adviser Slaughter and May, which has put together a team of four, led by company partner Martin Whelton and overseen by head of corporate Nigel Boardman.

On 4 August, Hyder’s shareholders met to discuss the next move for the company, with the expectation that it will be making an announcement shortly on its recommendation.

Freshfields’ Imran Sami, who is part of the 10 to 12 strong team that is acting for newco St David Capital, which was set up by Nomura’s principal finance team, says: “It is an extremely exciting deal in terms of it is not your plain vanilla cash bid.”